![\"ocean-club-paradise-island-nassau-bahamas\"](\"https:\/\/www.bahamasb2b.com\/news\/wp-content\/uploads\/2014\/06\/ocean-club-paradise-island-nassau-bahamas.jpg\")
The government has approved the purchase of the One&Only Ocean Club by a New York-based industrial group owned by a Ukrainian-born billionaire, that will upgrade and expand the property in addition to other vacant land on Paradise\u2008Island.<\/p>\n
Amidst a flurry of other announcements related to tourism development, Prime Minister Perry Christie has revealed that the Access Industries group, founded by Len Blavatnik, is to become the new owner of the key Paradise Island asset following negotiations with the government and owners Brookfield Real Estate Financial Partners.<\/p>\n
His comments, made during the 2014\/2015 budget communication in Parliament yesterday, confirm information revealed exclusively by Guardian Business that the resort was set to be acquired by a Ukrainian-born U.S. billionaire. Born in Odessa, Ukraine, Blavatnik is now a U.S. citizen and is ranked by Forbes magazine as the world\u2019s 39th richest person, with an estimated fortune of US$18.7 billion.<\/p>\n
Access Industries\u2019 portfolio includes interests in natural resources and chemicals; media and telecommunications and real estate. It is the owner of the Warner Music Group and hotels in Florida, France and Argentina.<\/p>\n
The prime minister suggested the sale should ensure the resort\u2019s position is further strengthened and more job opportunities are created.<\/p>\n
Christie said:\u2008\u201cThe injection of additional capital into the upgrading and expansion of the Ocean Club by Access Industries not only assures further direct investment inflows into the Bahamas economy, but additional jobs, the positioning of the Ocean Club as the nation\u2019s premier ultra-luxury resort, and a partnership to leverage other economic expansion opportunities with a worldwide conglomerate.\u201d<\/p>\n
Speaking of Atlantis, Christie said that its owners, Brookfield Real Estate Financial Partners, are \u201caggressively pursuing plans for refinancing, refurbishment, and adding other features, which will further enhance its premier position in the marketplace\u201d.<\/p>\n
Christie said all of these plans will be implemented during this current budget cycle.<\/p>\n
\u201cThese initiatives will not only strengthen the position of the property, but also positively impact job creation, both at the resort and within the local economy,\u201d he added of Atlantis\u2019 plans.<\/p>\n
Noting also ongoing development at Baha Mar, scheduled to open in December, and Albany, where a $140 million expansion is underway, Christie said that \u201cseveral substantial proposals\u201d are being considered for the South\u2008Ocean Beach Resort property.<\/p>\n
\u201cEach of the proposals envisions a mixed resort\/residential\/casino\/complex which would significantly expand the local product offerings and brands. I remain optimistic about an early successful outcome for South Ocean Beach Resort, which together with Baha Mar, Albany, the Holowesko Lyford Cay hotel and the thriving commercial and private residential developments in western New Providence, will have an enormous impact on our economy starting in the next few months and continuing for the next decade.\u201d<\/p>\n
Christie also touched on plans for the renewal of downtown Nassau, telling parliamentarians that in the coming months \u201cmuch progress will be made towards the rejuvenation of the area into \u201ca vibrant, attractive and exciting waterfront city, through several initiatives as part of an overall master plan to be further developed with the input of professional planners, stakeholders, local entrepreneurs and other interested parties including cruise lines and major suppliers.\u201d<\/p>\n
\u201cThe main area of focus will stretch from Arawak Cay to Potter\u2019s Cay, and will embrace public infrastructure enhancements, private investments, public\/private sector partnerships and participation by local and international bodies interested in preserving the city\u2019s rich history, culture and environment.<\/p>\n
A scenic boardwalk on reclaimed land, together with a myriad of entrepreneurial opportunities, are envisioned stretching all the way from the Hilton hotel to Potter\u2019s Cay,\u201d said Christie.<\/p>\n
\u201cMy government has started a dialogue with the owners of cruise lines for the renewal and expansion of attractions, tours, shopping, cultural experiences and things to do in a pleasant, visitor-friendly, safe, well-landscaped and clean environment, that would improve visitor satisfaction and increase visitor spending to become the highest in the region.<\/p>\n
\u201cIn the months ahead and in the ensuing period, the downtown area will benefit from new construction and community activities, creating many new jobs, entrepreneurial opportunities and enhanced government revenue,\u201d he added.<\/p>\n
Alison Lowe
\nThe Nassau Guardian<\/p>\n","protected":false},"excerpt":{"rendered":"
The One&Only Ocean Club will be acquired by a New York-based industrial group owned by a Ukrainian-born billionaire, that will upgrade and expand the property in addition to other vacant land on Paradise\u2008Island.<\/p>\n","protected":false},"author":25,"featured_media":67285,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_10223285771444175_51037792744":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[3],"tags":[118,229],"class_list":["post-67284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-development","tag-resorts"],"_links":{"self":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/67284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/comments?post=67284"}],"version-history":[{"count":0,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/posts\/67284\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media\/67285"}],"wp:attachment":[{"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/media?parent=67284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/categories?post=67284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bahamasb2b.com\/news\/wp-json\/wp\/v2\/tags?post=67284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}